Thursday, May 7, 2009

SP500 SPX SPY update 05/07/09 - Free Stock Market Analysis

Here is the latest trading and free market analysis video on the SP500 (SPX) and SPY ETF

Today the Dow -102.43 at 8409.85, Nasdaq -42.86 at 1716.24, S&P -12.14 at 907.39:
SPY gapped up at the open to 93.01 and traded briefly higher to a high of the day at 93.15 then pulled back lower to fill the gap and then some. The SPY paused at 91.20 and consolidated at around 91.60 area before trading to the lows of 90.28 and there it found some buyers to lift it into the close of 90.86 – 1.28 on the day.

Summery: This is a day traders market still. SPX/SPY has traded down to near the 5day MA on the 30 minute chart for now, maybe giving us a buying opportunity. However be careful the markets are looking toppy here. If you are long you need to use a tight STOP here or buy a protective PUT for insurance to the down side, or limit your risk by buying a bull call spread instead.

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